What was Citgo's first-quarter profit, and how does it compare to the same period last year?

Citgo reported a first-quarter profit of $157 million, a significant turnaround from an $82 million loss in the same period last year. This improvement was driven by higher refinery utilization, with throughput reaching 851,000 barrels per day (bpd), including record crude runs of 819,000 bpd and an average crude utilization rate of 99% across its three refineries—up from 95% and 833,000 bpd in the prior-year quarter.

What role did Venezuelan crude play in Citgo's recent operations, and when was the last time it processed such crude?

Citgo purchased and refined its first Venezuelan crude since 2019 during the first quarter, marking a notable operational shift amid evolving sanctions and legal dynamics. This development occurred while Citgo remains under a U.S. court-ordered auction of its parent company to satisfy billions of dollars in claims by Venezuela-linked creditors.

Venezuelan refiner Citgo profit hits $157 million as it processes more oil

May 14, 2026

Venezuela-owned refiner Citgo reported a $157 million Q1 profit driven by record crude runs and 99% utilization, marking its first Venezuelan crude purchases since 2019. Full-year EBITDA is projected at $3.2–$3.6 billion.

reuters

2026-05-14

Venezuelan refiner Citgo profit hits $157 million as it processes more oil

Venezuelan refiner Citgo profit hits $157 million as it processes more oil

FAQ